Short change on Port apartments

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PROPERTY investors owed about $6.5 million from the collapse of
developer Gavin Muir's Port Melbourne apartments, could receive
less than half their money back.

TEAC Australia's voluntary administrator, insolvency firm
Deloitte, said it would pursue a claim for $3 million from a
company associated with Mr Muir, Bay Street Corporation, on the
sale of land in Bay Street.

Mr Muir, a 50 per cent shareholder in TEAC Australia until
March, when debts of more than $80 million were revealed, was
developing the site into luxury apartments worth $120 million.